Diversity of geography, fuel, and economy; Fully regulated utilities strategy; Credit-supportive regulation; and Strengthened financial profile. Aggressive capital spending; Dependence on supportive cost recovery; and Negative free operating cash flow. Standard&Poor's Ratings Services bases its rating on Xcel Energy Inc. on the consolidated credit profile that includes what 'we consider to be an excellent business risk profile and significant financial risk profile. Xcel is an integrated electric and natural gas utility holding company that owns vertically integrated utility subsidiaries Northern States Power Co. (NSP), Northern States Power Wisconsin, Public Service Co. of Colorado (PSCo), and Southwestern Public Service Co. Xcel has geographic and economic diversity because its utilities' operate in eight states, from the upper Midwest down to
